El-Sisi issued instructions to the government to support and stimulate the economy, through higher private sector participation in state-owned assets, the listing of companies owned by the armed forces on the stock exchange before the end of this year, reactivating the government IPO program

Government wants state institutional investors to pour more funds into EGX, particularly through pension and insurance funds

El Sisi to launch an initiative to incentivize industries to rely on local production inputs

During the period July 2021-March 2022, the fiscal deficit in Egypt to GDP declined to 4.9%

Banks opened letters of credit worth USD11.6 bn in the six weeks since 1 March, when the CBE’s new rule requiring businesses to use L/Cs to import goods came into effect.

CBE: 56% of Egyptian adults (nearly 37 mn people) held a bank account, mobile wallet, or pre-paid card at the end of 2021, up from 53% in 2020

Investors have now poured EGP600 bn into the 18% CDs

Indonesia has clarified that its export ban on palm oil only encompasses processed products like cooking and frying oil, and not crude palm oil. 

The Head of the Tobacco Committee warns that more than 23 tobacco and molasses producers are unable to import raw tobacco

CLHO announced the withdrawal of the agreement signed in October 2021 to transform a brownfield project located in East Cairo into a more than 400-bed medical facility 

CLHO has taken over the site of Sky Hospital, a c.200-bed brownfield general hospital located in East Cairo’s Fifth Settlement area

A subsidiary of PIF has purchased a stake of 6.5% in RMDA raising its total stake to 11.01%

Government is in talks with an international automaker to produce vehicles to replace tuk-tuks

Etisalat Misr reported revenues of AED1.3 bn (c. EGP6.55 bn) in 1Q 2022 (+15% YoY), subscriber base in Egypt grew 6% y-o-y to reach 28.1 mn subscribers 

OCDI expects to have a five-year strategy ready in around five weeks

MHOT net profit before tax of EGP274.3 million, compared to losses

TMGH declared cash dividends of EGP0.17/share (DY of 2.0%); Record date is 10 May; Distribution dates of installments is 15 May and 6 July